Transdermal Medical Patch Market Size is valued at USD 8.15 Bn in 2022 and is predicted to reach USD 11.86 Bn by the year 2031 at a 4.3% CAGR during the forecast period for 2023-2031.
Transdermal patches are sticky patches that, when put on the skin, release a set amount of medicine into the body. When transdermal drug delivery is used, the patch slowly releases the medicine into the patient, unlike other ways of giving medicine, which usually use a porous barrier over a drug reservoir. The increasing breast and prostate cancer rates are expected to boost market expansion significantly. In addition, because of several variables, including increased benefits over oral and ingested drugs, simple administration, and sustained pharmacological activity.
However, patients' inability to absorb various medications via their skin and the potential for contact dermatitis at the administration site of transdermal patches can slow the market's expansion. As a result, demand for transdermal patches is expected to rise. In addition, key players increased focus on new product development and strategic collaborations led to the growth of the global transdermal patch market. It drives expansion globally and is expected to boost market expansion in the coming years.
However, government regulatory authorities are being overly cautious, which is slowing the expansion of the transdermal skin patch sector. The regulatory authority enforces regulations governing biologics, medications, and medical devices that may induce adverse user reactions and slow down the transdermal medical patch market. Furthermore, increasing R&D activities and investments by prominent players are expected to create lucrative growth opportunities in revenue for players operating in the global transdermal patch market over the forecast period.
Competitive Landscape
Some Major Key Players In The Transdermal Medical Patch Market:
- Hisamitsu Pharmaceutical co inc
- Medline Industries LP
- Johnson & Johnson
- Novartis AG
- Teva Pharmaceutical Industries Ltd
- UCB SA
- Viatris Inc
- Endo Pharmaceutical Inc
- Boehringer ingelheim international GmbH
- Corium LLC
- Luye Pharma Group
- Teikoku Pharma
- Samyang Holdings Corporation
- Gedeon Richter PLC
- AdhexPharma
- Sparsha Pharma International Pvt Ltd.
Market Segmentation:
The transdermal medical patch market is segmented based on type, application and distribution channel. Based on type, the market is segmented into single drug-in-adhesive, multi-layer drug-in adhesive, reservoir, vapor patch, and matrix. By application, the market is segmented into neurologic conditions, pain management, nicotine cessation, cardiovascular disorders, hormonal therapy and others. The distribution channel segment comprises hospital pharmacies, retail pharmacies and online pharmacies.
Based On The Type, The Matrix Transdermal Medical Patch Segment Is Accounted As A Major Contributor To The Transdermal Medical Patch Market.
The matrix industry transdermal medical patch category is expected to record a major global market share in 2022 because it's more practical and the patients are more compliant. Matrix patches have been developed with features including longer wear time, easier application, and sophisticated monitoring capacities for tracking medicine adherence to increase patient compliance. The health state of a patient can be monitored in real time thanks to the sensors or monitoring capabilities built into the matrix patch.
Hospital Pharmacies Segment Witnessed Rapid Growth Rate.
Hospital pharmacies are projected to grow rapidly in the global transdermal Medical Patch market because Pharmacists are trained to provide patients with information about possible drug interactions and side effects. These professionals often track treatment outcomes to guarantee efficacy, safety, and individualization, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American Transdermal Medical Patch Market Holds A Significant Revenue Share.
The North American transdermal medical patch market is expected to record the maximum market share in revenue in the near future. It can be attributed to the fact that there is a large concentration of healthcare facilities here, major businesses dominate the industry, and research initiatives are growing rapidly. In addition, the presence of key market competitors and improvements in transdermal medical patch technology fuel expansion in the region's industries.
In addition, Asia Pacific is estimated to grow rapidly in the global transdermal medical patch market, boosted by increasing population, the availability of huge unexplored markets, a vast population pool, and the rising need for quality healthcare in the region are all factors. Government measures to raise awareness are also on the rise, as are the region's healthcare facilities and research activities and customers' desire for environmentally friendly packaging.
Recent Developments:
- In June 2023, Teikoku Pharma's dexmedetomidine transdermal device was granted a fast-track designation by the US FDA. The transdermal method developed by the business was utilised to administer dexmedetomidine for a duration of four days to effectively manage chronic pain.
- In March 2022, Corium, a biopharmaceutical business, disclosed that the FDA has granted approval for the usage of Adlarity in the treatment of individuals afflicted with varying degrees of dementia linked to Alzheimer's disease.
Transdermal Medical Patch Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 8.15 Bn |
|
Revenue Forecast In 2031 |
USD 11.86 Bn |
|
Growth Rate CAGR |
CAGR of 4.3% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, Application, Distribution Channel |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Hisamitsu Pharmaceutical co inc, Medline Industries LP, Johnson & Johnson, Novartis AG, Teva Pharmaceutical Industries Ltd, UCB SA, Viatris Inc, Endo Pharmaceutical Inc, Boehringer ingelheim international GmbH, Corium LLC, Luye Pharma Group, Teikoku Pharma, Samyang Holdings Corporation, Gedeon Richter PLC, AdhexPharma, Sparsha Pharma International Pvt Ltd. |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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